Shepard Submits Shareholder Proposal for Equal Voting of Shares to Donegal
BRADENTON, Fla., Nov. 18, 2013
BRADENTON, Fla., Nov. 18, 2013 /PRNewswire/ --(NASDAQ: "DGICA" and "DGICB") –
Gregory M. Shepard today submitted a shareholder proposal to Donegal Group
Inc. ("DGI") urging shareholders to approve a resolution requesting DGI's
Board, as soon as practicable, to take the necessary steps to adopt a
recapitalization plan that would provide for all of DGI's outstanding stock to
have one vote per share.
DGI currently has dual-class voting, in which DGI's Class A common stock has
1/10^th of a vote per share and its Class B common stock has 1 vote per
share. As of November 1, 2013, DGI had 20,681,588 outstanding Class A shares,
with 2,068,158 total votes, and 5,576,775 outstanding Class B shares, with
5,576,775 total votes, according to DGI's Quarterly Report on Form 10-Q filed
on November 7, 2013.
Mr. Shepard submitted his shareholder proposal to DGI under Rule 14a-8 of the
Securities Exchange Act of 1934, as amended. Mr. Shepard is seeking to
include his shareholder proposal and its supporting statement in DGI's proxy
statement for a vote of the DGI shareholders at DGI's 2014 Annual Meeting of
The text of Mr. Shepard's shareholder proposal and its supporting statement
were filed today with the U.S. Securities and Exchange Commission as Exhibit
99.1 to Amendment 21 to Mr. Shepard's Statement of Beneficial Ownership on
Schedule 13D, which is available at www.sec.gov.
This press release is not intended to and does not constitute (i) a
solicitation of a proxy, consent or authorization for or any special meeting
of DGI's stockholders or (ii) a solicitation of a consent or authorization in
the absence of any such meeting.
SOURCE Gregory M. Shepard
Contact: D F King, 212-269-5550
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